I just wanted to add that it IS possible to gather 50 coins of ancestry on a low level character. I was able to do so on a level 58 death knight to purchase the pet, so if you're low level but still want to collect this pet don't despair. It's not easy, but you can do it.

To add to Serraphina's tip if you're unfamiliar with how macros work w/ TomTom:

#1 Install TomTom addon
#2 Copy and paste the macro formulas from the link (up to 255 characters per macro; you will wind up with several macros)
#3 Click all of your macros on your toon. This feeds the waypoints into TomTom
#4 Type "/cway" and TomTom will show the nearest waypoint you have not yet visited.

Loading problems? Make sure TomTom configuration is set to allow waypoints in different continents.

Middleground stats. Flash and Light is a nice combination, especially when the opposing pet can't switch. Burn hits pretty hard, especially nice vs mechanicals, else use Beam and birds will truly fear you even with your non impressive stats. If you chose to use Illuminate be sure to have some other pet that benefits from it since the Lantern itself does not make much use of it.

It's very easy to get both lanterns (H&A) w/o farming coins on 2 opposing characters or heading for the AH. (This is assuming you already have one faction's lantern for yourself.) Obtain 50 coins and buy a second lantern (Save extra coins in your bank from year to year). Add it to your journal. Log on to a character of the opposing faction (lvl 1 will do) and cage one of the lanterns. Stand in Org or SW and offer to trade with someone who has an extra of the lantern you seek. Even swap.

Somewhat disappointed to discover that the Festival Lantern had magically transformed from the rare (that was indicated by the font color) to an uncommon when I summoned it for the first time. Glad to have it but, not sure it was worth the time and effort for an uncommon.

Just picked up this little beauty! One more reason for being a pack rat. 60 Coins of Ancestry lying around in the bank from last year = new pet on day 1 this year! Sloth ftw! lol... Really a lovely homage to the Chinese New Year's Celebration. Also an echo to Serraphina's comment... TomTom (addon) and some coordinates make finding Elders in general a boatload easier...

I've done this on my level 27 horde char.
You have to die a lot. Escpecially if there are high level guards which kill you instantly after respawning. You can go to Northend, too for some left over.
1. Have the elder in the target (/tar elder xyz)
2. Use the "Interact with Target" keybind
3. Use following macro
/script SelectGossipAvailableQuest(1)
/script CompleteQuest()
/script GetQuestReward()
I sometimes had a problem that the quest was not completed, so I had to click fast on the complet